Flipkart raises $3.6bn in funding and eyes IPO

Indian e-commerce giant Flipkart has raised $3.6 billion at a post-money valuation of $37.6 billion.

The was co-led by main owner Walmart, GIC, Canada Pension Plan Investment Board (CPP Investments) and SoftBank Vision Fund 2, and comes ahead of an initial public offering (IPO), which is set for early next year.

“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders,” says CEO Kalyan Krishnamurthy.

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“We will continue to invest in new categories and leverage made in India technology to transform consumer experiences and develop a world class supply chain.”

“One of the key investment themes for CPP Investments has been Asia’s domestic consumption,” says Agus Tandiono, Managing Director, Head of Fundamental Equities Asia, CPP Investments.

“We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration.”

“This investment in Flipkart builds on our program to provide long-term capital to industry leaders. We look forward to supporting Flipkart’s efforts in growing India’s e-commerce market.”

“Flipkart is a great business whose growth and potential mirrors that of India as a whole. That’s why we invested in 2018 and why we continue to invest today,” comments Judith McKenna, President and CEO at Walmart International.